Kazakhstan needs investments worth $650bn to achieve its carbon neutrality target

NUR-SULTAN, October 27 (KAZINFORM) – Kazakhstan needs to invest $650bn in low carbon technologies to achieve its carbon neutrality target, Minister of Ecology, Geology, and Natural Resources of Kazakhstan Serikkali Brekeshev told today’s briefing at the Central Communications Service, Kazinform correspondent reports. «Estimates indicate investments to the tune of $650bn in low carbon technologies are needed to achieve the carbon neutrality target in the period of 40 years,» he said. The minister also named the sectors that need most investments, they are electricity and thermal energy - $305bn, transport - $167bn, mining and manufacturing - $65bn, housing and public utilities - $57bn, and agriculture - $49bn. He went on to note that according to the model review investments in coal, and oil and gas production will reduce due to reduction in demand in the long-term period. «The Government is working to attract investments in the renewable energy sector, including investment cooperation with the UAE to carry out major renewable energy projects in Kazakhstan, aiming at reducing CO2 emissions,» he said.